European markets are soaring as the tech rally intensifies.

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European markets extended gains on Thursday, lifted by technology and mining sectors, on hopes of a solid earnings season, even as investors worried about increasing inflation stifling an economic rebound.

By 0710 GMT, the Pan-European STOXX 600 index was up 0.7 percent, with miners up 2.1 percent and technology stocks up 1.4 percent.

European semiconductor businesses such as ASML, AMS, and BE Semiconductor were among the top gainers after Taiwan chip giant TSMC reported a 13.8 percent increase in third-quarter profit due to brisk semiconductor demand.

The debate about the transitory nature of inflation raged on in September, when China’s factory gate inflation reached a new high due to increasing commodity costs.

Investors will be looking for data on producer pricing in the United States later in the day. Prices are also projected to rise according to the reading.

Publicis rose 2.9 percent after raising its 2021 projection as a global shift toward digital media and e-commerce helped its third-quarter organic growth outperform market expectations. WPP (LON: WPP), a British rival, increased 0.6 percent.

TomTom, a Dutch navigation and digital mapping business, slumped 7.0 percent after warning that supply chain issues in the car industry could linger into the first half of next year.

Story by : Norvisi Mawunyegah